CAD/JPY Is Very Bearish

After two weeks of tight consolidation around the support at 84.85, which coincides with the (MA)89 indicator on the daily time-frame, CAD/JPY finally broke below that support decisively, and then broke below the previous low at 84.15 and continued moving to the downside. The pair is very bearish and there is every indication that it will continue falling, especially if you consider the shooting star candlestick and the spinning top candlestick that have formed on the monthly time-frame, both below the resistance at 89.00, which coincides with (MA)89 indicator on the same time-frame. The first major target to the downside for this pair is at 81.00, but a breakout below that level could lead to a further significant drop towards 76.00 – 75.60 in the long-term.